Grand List Growing
By Robin Vinci | Editor at February 6, 2024 | 3:59 pm | Print
New Businesses Coming to New Britain
The October 2014 Grand List for the City of New Britain has been finalized and shows an increase in value of 0.75 percent over last year.
The total Grand List as of Oct. 1, 2014 is $2,461,910,945.
The Grand List in 2013 declined by 0.08 percent and decreased by 17.21 percent in 2012.
“This is the first Grand List to show positive growth since the Oct. 1, 2011 Grand List and only the fourth Grand List to see positive growth in all the three categories that make up the Grand List,” according to City Assessor Michael T. Konik.
The Grand List includes the net taxable assessments of motor vehicles, personal property, and real estate. It is used to calculate the city’s tax rate and corresponds to the tax bills that are payable beginning in July 2015.
If the city’s current mill rate of 49 mills were to stay the same in fiscal year 2015-16, the increase in the Grand List would bring $892,129 in additional tax revenue, according to Konik.
The net taxable portion for real estate totals $2,038,750,550; personal property $162,457,184; and $2,461,910,945 for the motor vehicle portion.
“After last year’s slight decline, this year’s Grand List shows an upward trend and is further validation that our financial policies are working and attracting investment,” Mayor Erin E. Stewart said. “This is good news for New Britain as it indicates that our tax base is stabilizing and showing positive growth. It is also a reflection of businesses having confidence in the direction of our city and shows that they are willing to make investments in their operations.”
Stewart said much of that can be attributed to new businesses coming to New Britain. Some of those include Costco, General Dollar, Riley’s Hot Dogs, Seoul Barbeque, an extended portion of Polymer and significant improvements done at Creed Monarch.
“With the Dollar General being built around the Central Connecticut State University area, it now leads to next year’s grand list. Next door will be Jake’s Wayback Burgers and a Pizza Hut,” said Stewart. “That will come on for next year and Costco will be fully on the Grand List. The Farmington Avenue development - the gas station, ice cream shop – will be on next year and will help our taxes.”
Stewart said the increase this year will not lower taxes, but if it were to shoot up to three percent it would put the City in a great position.
“It may seem small, but that 0.75 can mean $900,000,” said Stewart. “While it seems small, it is big news for us.”
The real estate portion of the Grand List increased by 0.17 percent or $3,370,429 in assessments.
The portion of the Grand List that saw the greatest growth was the personal property portion, which grew by 7.41 percent. Businesses who contributed to growth in the personal property assessments included CL&P, Webster Bank, TD Bank, Bank of America, and New Britain Radiology.
As for the motor vehicle portion of the Grand List, assessments grew by 1.41 percent, or $3,622,978, as 253 vehicles were added to the city’s Grand List. There are a total of 43,944 vehicles on the Grand List. The average passenger vehicle assessment grew by $51 for a total average of $6,082.
“It is my goal to continue creating a climate in New Britain that reduces red tape in order to attract more businesses to the city, which would further lessen the tax burden on residents,” the Mayor added. “With CTfastrak set to begin operations in March, Costco poised to open its doors later this fall, and new businesses like Dulces Cupcake Café recently opening, there is no shortage of economic activity in the city.”
Commenting on the finalizing of the Grand List, Konik said, “I want to thank my entire staff in the Assessor’s Office for all their hard work and efforts throughout the year and in finalizing the Oct. 1, 2014 Grand List. I couldn’t do it without them.”
The Board of Assessment Appeals will hear appeals on property valuations during the month of March.
